US firm plans $1.18bn investment in Iran project

California, July 6, 2014

US-based World Eco Energy has inked a preliminary agreement to invest $1.18 billion in Iran, in a rare joint commercial project to turn rubbish and human waste into electricity, said a report.

The Californian group plans to produce 250 MW daily by burning trash and by processing algae and salt and waste water into power at the plant to be set up in the southwestern province of Chaharmahal-Bakhtiari, said a AFP report.

Iran will match the US investment, the report said citing a company spokesman.

The project aioms to create 600-700 jobs, of which 80 per cent would go to locals.

It is scheduled to start in September 2014 and is an early indication of the foreign business that may flow back to Iran if US, European and UN sanctions are lifted.